THE INS AND OUTS OF FINANCIAL AID P AYING FOR C OLLEGE.
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Transcript of THE INS AND OUTS OF FINANCIAL AID P AYING FOR C OLLEGE.
Tuition & Fees
Room & Board
Transportation
Books & Supplies
Miscellaneous Living Expenses
Cost of Attendance (COA)
What are the costs?
Financial aid refers to specific borrowed, given, or earned money that can be obtained from various sources to help pay for college.
It is intended to make up the difference between what your family can afford to pay and what college costs.
What is financial aid?
Three Examples
College
A
COA(Cost of
Attendance)
EFC(Expected Family
Contribution)
Financial Need
$3,000$10,000 $7,000
$3,000$20,000 $17,000
-
-
=
=
$3,000$35,000 $32,000- =
College
BCollege
C
Never Pay for Scholarships
Talk to Your Counselor
If you have to pay money to get money, it's probably a scam!
In general, be wary of scholarships with an application fee, scholarship matching services who guarantee success, advance-fee loan scams and sales pitches disguised as financial aid "seminars".
If you ever have questions about if a scholarship offer is legitimate, talk to your counselor
The only financial aid that has a fee is the CSS profile
Scams to Avoid!
Every college website must have one but you might need to search for it. Know now approximately how much grant aid and loans you will receive.
The best source of scholarship money will most likely be your child’s “safety” schools.
Colleges are not required to meet full demonstrated need. Some do but most do not.
The Net Price Calculator
How much is it really going to cost?What institutional money might be available?
Determine estimated costs up front before your child applies to and is accepted at a college that is beyond your family’s ability to pay.
Emerson College Boston University
Family Income: $70,0003 children, married joint filing
Emerson Grant: $23,000Federal Pell Grant: $2,995 Direct Subsidized Loan : $3,500Direct Unsub Loan: $2,000Perkins Loan: $2,000Work Study: $1,500
Total Aid: $34,995Total Cost: $54,894
Family Will Need to Pay: $19,899
Family Income: $70,0003 children, married joint filing
Federal Pell Grant: $2795Direct Subsidized Loan: $3500
Direct Unsub Loan: $2,000
Total Aid: $8,295Total Cost: $61,476
Family Will Need to Pay: $53,181
Actual Aid Packages
Fairfield University Babson College
Family Income: $99,8002 children, married joint filing
Merit Scholarship: $11,500Tuition Grant: $10,250 Direct Subsidized Loan : $3,500Direct Unsub Loan: $2,000Perkins Loan: $2,000
Total Aid: $36,895Total Cost: $58,730
Family Will Need to Pay: $21,835
Family Income: $76,1002 children, married joint filing
Babson Grant: $45,000Direct Subsidized Loan : $3,500Direct Unsub Loan: $2,000Work Study: $2,200
Total Aid: $52,700Total Cost: $60,494
Family Will Need to Pay: $7,794
Actual Aid Packages